SPV Laboratories Pvt. Ltd, which operates herbal products brand Green Cure, has raised funding from startup incubator and accelerator Venture Catalysts.
This marks the latest startup bet made by Venture Catalysts, whose investment spree in early-stage firms has continued unabated despite the nationwide lockdown in the Covid-19 pandemic.
The funding amount for the latest deal was not disclosed.
Green Cure was set up by Sanchit Garg and Sanjeev Dadhich in 2015. The company says it aims to create a global brand focused on herbal products.
Its products are created by German scientists and ayurveda experts, and the focus is on categories such as skincare, asthma and allergy care, and infant care.
It will use the capital it has raised to scale up its operations and launch products in new categories. “Leveraging German Technology along with Indian ayurveda has created a strong differentiation in a sea of ayurvedic brands,” Garg said.
Venture Catalysts president and co-founder Apoorv Ranjan Sharma said the firm was confident of its investment because of Green Cure’s focus on combining traditional and contemporary techniques for developing products.
Green Cure says it has applied for 13 patents for its formulations, and that its products have been certified by Safe Cosmetics Australia.
Venture Catalysts’ bets
The startup incubator and accelerator was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups, and provides networking and mentoring to its portfolio companies.
Other additions to its portfolio this year are prayer materials startup OM Bhakti, artificial intelligence-enabled helmet maker Altor, enterprise-focused neo-banking platform Nupay, financial-technology startup GetVantage, corporate venturing platform IncubateHub and solar panel cleaner startup Skilancer.
In August last year, Venture Catalysts floated a fund, the 9Unicorns Fund, with a corpus of Rs 300 crore ($43.44 million), to help early-stage Indian startups expand their business.